What is Customer Experience Management (CXM)? What are the latest trends in it?
Customer Experience Management, often known as CXM or CEM, is a marketing strategies and technologies system that focuses on customer engagement, satisfaction, and experience.
CXM is a customer relationship approach that goes beyond simple marketing tools and software to achieve a digital transformation that genuinely puts customers at the centre of the business in the e-commerce service provider. A customer experience management mindset prioritizes orchestrating and customizing the entire end-to-end customer experience and helps you do so at scale, across any channel, in real-time.
CXM for e-commerce service providers: Agreements and Disagreements
While most of the industry experts generally agree that customer experiences include all subsequent customer interactions and insights , there is more confusion about what Customer Experience Management (CXM) involves. These insights were explored with respondents, 92% of whom were leaders or members of the CX team.
There was explicit agreement that the critical elements of CXM include delivering on the brand promise and increasing customer satisfaction and loyalty. In that sense, CXM is a new term for loyalty management practices that have been around for decades. Furthermore, everyone agreed that the employees involved were essential to CX's success.
On the other hand, there was a substantial disagreement that "CXM is the same as Customer Success Management" (CSM), or that "CXM is a substitute for Customer Relationship Management (CRM)", or that "CXM is another term. For an item of the Customer Program".
Most respondents also rejected the idea that CXM is difficult because experiences cannot be "managed", as some have suggested.
CX managers are unlikely to agree that their role is fundamentally flawed because customers control them! In a practical sense, CXM is not about controlling the customer experience but about implementing changes that the company can control (processes, employee behaviours, product capabilities, etc.) to influence perceived experiences in a positive direction. While "CX Influence" might technically be a better term, CXM has been widely adopted by the industry, including hundreds of consulting firms and a growing number of technology companies.
There were mixed reactions to other statements. Some of them goes to the heart of what CX is and is not. For example, 74% agreed: "By 2020, customer experience will exceed price and product as a key differentiator for the brand." Taken literally, this statement is a logical error. If CX includes all interactions and insights, then it must consist of price and product. CX cannot "outperform" anything it includes.
What do CX and CXM mean to your business?
CX is the e-commerce service provider the implication for CX leaders is that key stakeholders can—and likely have—widely varied perceptions of CX and CXM. Some may think of CXM holistically, but others may believe that CX is just another term for customer service, process improvement, or customer surveys.
Additionally, CX leaders who present CXM as a narrow focus may run into another objection: Why do we need another term for product excellence, price leadership, or customer service? CXM must bring new thinking and value to organizations, not be used as a new fashion label for existing activities. Therefore, it is imperative that CX leaders clearly define the scope of CXM across the enterprise and communicate and ensure agreement on that scope with executive sponsors and key stakeholders. This can be accomplished, according to experienced CX leaders interviewed for this study, by meeting with stakeholders early in the strategy planning and development process in an e-commerce service providers:
Understand CX and CXM Insights
Differentiate CXM from the voice of customers, customer service, etc., programs.
Clearly define the experiences intended by the organization
Identify the top business issues where CXM can help
Assess the potential for membership and support
According to a vice president who leads global CX efforts at a major technology company in e-commerce service provider, the trend is for people to pick up on immediate issues without stopping to think about and analyze key business issues that would make a significant difference in performance.
What are the latest Trends for 2021?
Here are the most critical customer experience trends you must know to beat your competition in 2021 and beyond that.
1. Finding a balance between humans and automation
In e-commerce service providers, automation is an excellent way for a company to reduce the costs associated with customer e-commerce service providers and speed up time to resolve simple service requests. But how do consumers feel about this?
Human customer e-commerce service provider agents are still a MUST for companies. Consumers in 2021 are very reluctant to trust chatbots; only 63% of consumers are satisfied with the service of a chatbot, assuming they can request a human customer service representative if necessary. We Humans are still crucial to the service aspect of the digital CX at this time. They should still be used along with chatbots to e-commerce service providers the best possible customer experience.
2. An increasing presence of bots in the customer's digital experience
The customer experience trends may seem different on the surface, but they are not! Chatbots, like Drift, are more than just customer service tools. Chatbots can also be great for marketing and sales in e-commerce service providers.
In addition, chatbots are being integrated with social media channels (mainly Facebook Messenger) to automatically respond to direct messages from consumers. Chatbots offer two advantages over chatting with a human: availability and speed. Artificial Intelligence (AI) can handle more queries/chats than humans and does so at almost instantaneous speed. These advantages are significant for baby boomers who may not be as tech-savvy as their younger peers. Look for companies that make better use of chatbots in the coming years to handle simple inquiries and support requests.
3. Customers expect hyper-personalized experiences
Consumers want hyper-personalized experiences all the time more than ever, and prominent data analytics e-commerce service providers, the insights to make this possible. According to Accenture, 80% of consumers are more likely to buy from a company that knows their name, purchase history and recommends items based on their purchase history. For example, people who have already purchased jeans from a clothing retailer can get recommendations for other pairs of pants or other clothing pieces that can be combined with jeans to make a great outfit. This is the kind of personalization that is possible through the refinement of the customer's digital experience.
4. Consumers highly value transparency
Transparency in this digital age is the most important and pressing trends in the customer experience. Be highly transparent in advertising, pricing, business practices, etc. come under e-commerce service providers.
5. Data protection is essential
While the collection of consumer data is an issue, data protection is another world. A data breach can ruin a customer's digital experience and undermine the company's trust. Over 50% of consumers will see a negative sign more than one year after a data breach! A data breach can also be expensive, with an average financial loss estimated at $ 3.86 million.
There are many ways companies are improving data security across the enterprise by 2021. One example is cybersecurity awareness campaigns and the adoption of cybersecurity as a mandatory part of online training. Given that 72% of data breaches are caused by fraudulent business emails, this can be an effective method. Other modern techniques include:
· Two-factor authentication required for employees
· Higher encryption standards for consumer data
· Consumer awareness campaigns to protect against fraudulent emails targeting consumers
6. The hype around AI is growing, not decreasing
Artificial intelligence may be one of the most disruptive technologies seen in a long time. This will help transform the digital customer experience as we know it, and many customer experience trends are based on AI developments.
Two of the customer experience trends mentioned above are supported by AI technology: chatbot and personalization. 38% of companies use AI technology; the number is set to grow to 62% by the end of 2021 in an e-commerce service provider. As companies use AI to make progress, there will soon come a time when investment in AI will be needed to take revenge!